Investors did not fully appreciate Ryan Beck deal, KBW says

SteveGelsi

NEW YORK (MarketWatch) -- Keefe, Bruyette & Woods on Wednesday lowered its core fourth-quarter earnings estimate for BankAtlantic Bancorp
BBX, +0.93%
to 3 cents a share from 8 cents a share following its plan to sell its Ryan Beck unit to Stifel
SF, -1.25%
The lower estimate reflects the absence of Ryan Beck, increased credit costs and less spread income due to the flat curve. "This transaction is a liquidity event that we believe the Street did not fully appreciate," KBW said in a note to clients. "BankAtlantic did advance one important step closer in attaining a publicly traded stock in trade for its Ryan Beck investment," KBW said. "It will now own a publicly traded stock that will be fairly simple to liquidate."

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